S.P. Apparels Limited is one of the leading garment manufacturers in India that has come up with its BRSR for the financial year 2023-24. This report will underline the commitment of the company to sustainability and responsible business behavior, aligned with the National Guidelines on Responsible Business Conduct, together with the long-term view of integrating ESG as part of their business.
SPAL pays a lot of attention to running a sustainable business. Being one of the largest garment manufacturers—92% of its turnover is related to the garment business—it runs 17 national plants catering to international markets in the US, UK, Ireland, and Europe. Its report depicts how it maintained good ethical and sustainability standards despite strong growth in the business.
Sustainability Initiatives:
The company gives a lot of importance to environmental stewardship at S.P. Apparels Limited, especially in the energy and water management space. A significant amount of its energy is drawn from renewable sources like wind and solar power, which has increased the consumption of renewable energy from 115.73 TJ in the previous year to 138 TJ in FY 2023-24. This helps not only in decreasing the level of carbon dioxide emissions but also brings down operating costs. Besides this, the company has installed Zero Liquid Discharge systems in all its processing divisions, through which 99.1% of the water used is recovered and reused in its operations. This strategy by the company helps in reducing the environmental impact of its production processes.
Social Responsibility and Employee Welfare:
On the social side, SPAL is committed to welfare improvement for the employees and to having a diverse workplace. The company employs over 17,000 workers, 74.71% of whom are women. All workers and employees are covered by health and accident insurance; maternity benefits are extended to female employees. In addition, SPAL promotes career development and enhancement of working skills through periodic training programs and safety drills for safeguarding a healthy and productive work environment.
The report further explains SPAL’s commitment to corporate social responsibility. Its CSR projects have focused on education and healthcare to skill for the upliftment of the marginalized section. SPAL has always interacted with local communities around its factories by listening to their problems and striving for their development.
Governance and Ethical Practices:
Governance is one of the fundamental enablers in S.P. Apparels Limited’s sustainability framework. The company, through its internal governance mechanisms, has strict anticorruption and antibribery policies. No complaint on corruption or conflict of interest was reported during 2023–24, thus underscoring the commitment of the company to ethical business practices.
S.P. Apparels Limited is also transparent in its stakeholder engagement activities, which it embarks on with various sets of groups, including employees, investors, and communities. It is worried about having stakeholder grievances addressed quickly and amicably by its stated grievance redress mechanisms.
Conclusion:
The Business Responsibility and Sustainability Report 2023-24 epitomize S.P. Apparels Limited’s commitment to integrating economic growth with environmental sustainability and social responsibility. Emphasis on renewable energy, prudent usage of water, welfare of employees, and ethical governance helped SPAL stay competitive in responsible garment manufacturing. This commitment indicates the company’s foresightedness towards doing business in a constantly changing global marketplace.
Source: BRSR
Credit: S.P. APPARELS LTD.